President Bola Tinubu has asked the National Assembly to approve fresh N1.767trn external borrowing plan in support of the 2024 Budget.
The president conveyed his request in a letter written to Senate President Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas.
The presiding officers read the letter during plenary, on Tuesday.
The president said if approved, the loan would be used to partly finance the N9.7trn deficit in the 2024 budget.
He said his request, which has been approved by the Federal Executive Council (FEC), aligns with Section 21(1) and 27(1) of the Debt Management Office Act.
Tinubu has also forwarded the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) 2025-2027 to the National Assembly and the National Social Investment Programme Establishment Amendment Bill, to make the social register the primary tool for the implementation of the federal government’s social welfare programmes.
The Federal Government had approved a $2.2billion external borrowing plan last week.
The president’s letter outlined three potential financing options to raise the required funds which include issuance of Eurobonds, Sovereign Sukuk and Bridge Finance/Syndicated Loans.
On Eurobonds, he said Nigeria could raise all or part of the funds through Eurobond sales in the International Capital Market (ICM).
President Tinubu noted that the ICM remains accessible to countries like Nigeria, citing recent issuances by Côte d’Ivoire, Kenya, and Cameroon in 2024.
